Citing the effects of the coronavirus pandemic, Minneapolis-based women’s apparel chain Christopher & Banks, which has a store in Valley View Mall in La Crosse, announced Thursday that it has filed for Chapter 11 bankruptcy and expects to close “a significant portion, if not all” of its stores.
Later in the day, liquidation company Hilco Merchant Resources said closing sales have begun at all Christopher & Banks stores.
As of Jan. 13, Christopher & Banks operated 449 stores in 44 states. The company said Thursday it is in active discussion with potential buyers for the sale of its electronic commerce platform and related assets.
“Since the start of the COVID pandemic, we have taken aggressive steps to protect our business while continuing to serve our customers in a healthy and safe environment,” company President and CEO Keri Jones said. “Despite the tremendous advancements we have made in executing our strategic plan, due to the financial distress resulting from the pandemic and its ongoing impact, we elected to initiate this process and pursue a potential sale of the business in whole or in part to position the company for its future.”
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